Paul Randall

UltimateBet Makes a Major Security Change Concerning Data Mining

Friday, July 16, 2010, David Tubbs

It was released on July 14, 2010 by UltimateBet Security that a major change that restricts users from viewing other tables they are not logged into. In the past there was no restriction for people viewing tables when they're not logged in,...Read more...

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*Text		<p>It was released on July 14, 2010 by <a href="http://www.pokerspace.com/rooms/ultimatebet/loyalty-points/">UltimateBet</a> Security that a major change that restricts users from viewing other tables they are not logged into. In the past there was no restriction for people viewing tables when they're not logged in, but now UB Security—along with the new software update—brings the limit to one table. The argument given for the change was to limit the possibility and problem of data mining.</p><p><strong>UB Fighting to Make Online Poker as Equal as Possible</strong></p><p>Railing another player as they run deep in a tournament is of course fun, many Pokerspace members cheer on their fellow members as they make deep runs in tournaments. However, the same way a friend will watch another friend play is the same way a person will data mine a players habits and use them against others in the future. </p><p>Software like Poker Tracker helps players track their stats and habits, and those of other players, but what happens if a third party follows certain players when they're not even playing and collecting data through hand histories and expected tendencies, this is an unfair advantage. Selling hand histories is even mentioned in the UB Security press release. </p><p>UB security even goes as far as saying, "We belive that data mining is one of online poker's biggest downfalls." This kind of focus on creating a fair playing environment is rather impressive for UB which has been racked with security and software holes in the past. This kind of heads up action by UB may be one of the reasons it has seen impressive player traffic levels over the past several weeks.</p><p>It seems the UB is not stopping with the table viewing limit as the security team says this is one "the first step of several that we plan to take in an effort to make data mining more difficult." It will be interesting to see what else UB has in store to ensure that the playing field is effectively level between players and data mining is put down.</p><p><strong>Are UB's Actions Going to be Duplicated by Other Online Poker Rooms?</strong></p><p>The real question is whether UB is going to be the only poker room to institute these new security changes? This issue is a big one and with the top sites like <a href="http://www.pokerspace.com/rooms/pokerstars/bonus-code/">PokerStars</a> and <a href="http://www.pokerspace.com/rooms/full-tilt-poker/rakeback/">Full Tilt</a> housing hundreds of thousands of poker players, the possibility of data mining is immense. As a player it's easy to see how data mining is an unfair advantage and the higher stake players are even more exposed to the problem and have the most to lose. Time will tell if these rules are adopted, but it certainly seems to be something that should become universal for online poker.</p><p>For those wanting to check out UltimateBet be sure to sign up for our <a href="http://www.pokerspace.com/rooms/free-poker-money/">UB Free Poker Money</a> deal there and get your bankroll started for free.<br /> </p>

Titan Bet, Free Money, Champions League Final, and the Stanley Cup

Thursday, May 20, 2010, Steve

Titan Bet is throwing out a great promotion this weekend in light of the the World Cup, Stanley Cup and the big Champions League Final Between Inter and Bayern Munich all coming to around.Titan Bet Giving Away £5 For Signing UpTo go along ...Read more...

How to Make Your First Deposit at an Online Poker Room

Thursday, November 6, 2008, Robert Lindley

In our Poker 101 article series, we tackle issues that are relevant to beginning players. In this installment, Robert covers the logistics for making your first deposit online, as well as some tips and tricks to help you get the most bang f...Read more...

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*Text		<p><em>In our Poker 101 article series, we tackle issues that are relevant to beginning players. In this installment, Robert covers the logistics for making your first deposit online, as well as some tips and tricks to help you get the most bang for your buck.<br /></em></p><p>So, you've been playing free money games for a while and you think you're ready to take the plunge into real money games online. That's great, but the first couple of things you have to decide is where you want to play and how much you want to deposit. I'm not going to spend a whole lot of time discussing different ways to deposit. That can be found by searching around and looking in the client of each of the poker sites.</p><p>Let's tackle the first question of how much should you deposit. The short answer is it depends on what you can afford to deposit. I'm not going to try and convince you to deposit your entire paycheck on to a site. But, there are some other things to consider when trying to decide how much to deposit. What level games do you want to play? If you're wanting to play $1 sit-n-goes you don't really need to deposit $500. If you are planning on playing $27 sit-n-goes, then you might want to deposit more than $500. The reason I ask what level games you want to play is that it will help determine what dollar amount you want to deposit. The opposite of that is of course also true. If you can only deposit $50, the you probably don't want to play $27 sit-n-goes right? So, let's say you plan on playing primarily $11 sit-n-goes. Then I would recommend depositing at least 50 buyins at that level, or $550 minimum. If you plan on playing $1.10 sit-n-goes, then I would recommend depositing at leat $55.</p><p>Now another thing to consider is what bonuses different sites offer for first time deposits. If a sight is going to give you a 100% deposit bonus up to some dollar amount, you might want to consider depositing enough to take complete advantage of the deposit bonus. This first time deposit bonus can only be used once. So, if you only deposit $50 and you get a $50 bonus great, but if you could deposit $500 and get a $500 bonus wouldn't that be better.</p><p>But wait, there's a catch. Please read the details of a deposit bonus before depositing. Every deposit bonus that I know of requires a certain number of games to be played to "earn" the bonus, and there's an end date on the bonus too. So, if you have a $500 bonus let's say and you have 6 months to play however many games are required, you must get them done in time. If you don't you might have to forfeit the bonus all together. So, do some math. Most sites work the bonus on some multiplier. They might say 10 frequent player points for each dollar of the bonus. So, if you have a $500 bonus, and the multiplier is 20x each bonus dollar, that would mean you have to earn 5000 frequent player points to "earn" the bonus. That could either take a considerable number of games, or you could have to play a higher buyin than you're comfortable with to earn the bonus.</p><p>Most people fail to consider what is required to "earn" a bonus. They get excited about getting $500 free, but they fail to read what is required to "earn" that $500. So, let's do some simple math. Let's say to earn you $500 bonus, you do in fact have to earn 5000 frequent player points. Well, generally about $1 in "rake" must be paid to get 5 frequent player points. The math can change from site to site, but let's go with the math I'm proposing. If 5 frequent player points are earned for every $1 paid in rake, you would need to spend $1000 in "rake" to earn your $500 bonus. $1000 in rake would require you to play 1000 $11 sit-n-goes. The important thing to consider is can you play 1000 $11 sit-n-goes in the period of time alloted without going broke. If you can, then you'll earn the bonus. If you can't, worst case scenario is that you go broke and have to redeposit to keep trying to earn the bonus. If you have to deposit another $500 to earn the $500 bonus, then you basically only break even at the end of it all.</p><p>All of these things should be considered before making your first deposit. You don't want to deposit too much, but you don't want to deposit too little either. You want to maiximize your bonus, but you want to ensure that you can "earn" your bonus in the time alloted. It's always important to read all of the fine print on deposit bonuses and make sure you follow all of the instructions to the tee.</p><p>The second thing to consider is where to deposit. It's important to shop around for deposit bonuses. The smaller the site, generally, the better the deposit bonuses. Let me try to explain this notion. If a site is huge, and they have millions of players, they don't really need to entice players to play there. But, if a site is smaller, then they are trying to encourage players to "try" their site out, and those sites will offer huge deposit bonuses. Other things you need to consider about sites is how easy it is to withdraw winnings. Also, do you like the way the site design and the client used to play. If you think you might want to try one of the smaller sites, check around on the internet to see what others say about it. Or ask in the forums here on Part Time Poker as well. You never know. You could learn some great things from other members of the site before you take a chance on that first deposit.</p><p>But, be careful as well. Generally, if something is too good to be true, then it probably is. If you find a tiny site that is offering a 1000% deposit bonus with no requirements, you might want to ask around to see if anyone has heard of or played on that site before. I guess what I'm trying to say is to be careful. There are probably 6 to 8 poker sites that offer a deposit bonus that is worth checking out. If it's a much smaller sight or a brand new site, you should consider the risks of depositing with them at all.</p><p>The most important thing to remember is to have fun. Don't go broke trying to earn a deposit bonus. Read all of the rules and requirements of the deposit bonus to make sure you can meet all the requirements. And last but not least, even if you have already made a deposit, you might be able to earn a "first time" deposit bonus if you ask nicely. I had been playing for almost a year on a particular poker site, and I didn't take advantage of my first time deposit bonus the first time I deposited. Well, I wrote their customer service department a letter, and they let me deposit again and use the "first time" deposit bonus code even though I had deposited once before almost a year before.</p>

How to Treat Poker as a Business Part 1: Can Poker be Taxed?

Saturday, December 2, 2006, Paul Randall

"In this world nothing can be said to be certain, except death and taxes." Benjamin Franklin. Well Mr. Franklin you may be right about the first part, but when it comes to poker earnings, the certainty of taxes is well, not so certain. 2005...Read more...

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*Text		<p>"In this world nothing can be said to be certain, except death and taxes." Benjamin Franklin.<br /><br /> Well Mr. Franklin you may be right about the first part, but when it comes to poker earnings, the certainty of taxes is well, not so certain. 2005 was a banner year for me; I turned a profit in my first year of play. Faced with the prospect of my 2005 tax preparation I found myself wondering if my profit was taxable. I know many Canadian poker players are wondering the same thing. I went to great lengths to find sound answers to my questions so I want to share what I have come across with all of you.<br /><br /> Over the next five articles, l will look at a facet of poker that is important but most of us neglect—the business side of poker playing. In this article, l will be looking solely at the tax implications attached to poker winnings, regardless of the amount y0u have won or lost. I think you will find this a relevant read.<br /><br /> After a few searches on Google and poker forums, I decided to go to the source and clicked my way to the Canada Revenue Agency (CRA) website. The bulletin that deals with gambling profits is named 334R2 (sounds like a riveting read I know); there are three sections that seemed relevant: windfalls, gambling profits, and profit from hobbies. After sifting through a plethora of legal tax jargon and thoroughly confusing myself, I decided to enlist the help of some great tax minds. Working in the financial services industry, I had no shortage of people to call; l managed to get Tim Cestnick on the phone. Tim is one of Canada's most respected experts and public speakers in the area of tax and personal finance, his articles appearing regularly in the Globe and Mail.<br /><br /> The first and most obvious question I posed was how does Revenue Canada view poker winnings? Tim pointed out, "Revenue Canada has written some information; you might want to get a copy of interpretation bulletin 334R2." Without knowing I had already read. I really was hoping he could bring this down to a level I could understand.<br /><br /> "334R2 talks about various sources of income and one of those sources it talks about is gambling profits. What it does say is that 'an individual may be subject to tax. Normally the general rule of gambling and what we call windfall amounts (lottery winnings) are not normally taxable, But, "Cestnlck explained, " an individual may be subject to tax on income they get from gambling if the gambling activities constitute carrying on the business of gambling." Finally I felt like l was getting somewhere!<br /><br /> Cestnick argues that, "If you are considered to be in the business of gambling then you are stuck, you have a problem." (Now remember, don't shoot the messenger) lf I am indeed in the 'business of gambling' then the profits are considered business income. Business income in Canada is of course taxable. So how would Revenue Canada determine if my poker playing is the business of gambling? A question Revenue Canada says can only be determined when they look at all of the facts of the individuals situation! No one factor is conclusive by itself but Revenue Canada considers the degree of organization in pursuit of the activity (poker), the existence of special knowledge, intention (are you playing poker merely for fun, or to gain your livelihood), and the extent of your poker activities including the number as well as frequency of your bets.<br /><br /> This is not looking good, as I have been multi-tabling online for the better part of 2005. Number and frequency of bets, is the CRA serious? When Mr. Cestnick looks at those four criteria, the thing that becomes obvious is that, if anybody who is gambling regularly, is good at it, is making money and is trying to make money, it could be argued that they are carrying on a business. Therefore, winnings will not be tax-free. Tim appeared to contradict that general sentiment among poker players, throughout the chatter I had come across. Among recreational poker players, poker earnings were the same as lottery winnings. Tim asserts, Basically if you buy a lottery ticket and you win, that's tax free, that's a windfall. Gambling is almost more of a job, more of a business." Ok Tim, that is clear. What I hear him saying is that if you win any amount, the size of the dollar amount doesn't matter so much. Tim went on to make things even more clear, " lf you are winning any amount regularly, because you play regularly, that is really going to be considered a business."<br /><br /> So as a recreational player with a fulltime profession, what are the chances that Revenue Canada would audit me? Tim's words of caution are very resonating. The reality is it's still early in the game, so we haven't seen how Revenue Canada will respond, yet. There are a few areas where Revenue Canada has in fact stepped up their audit procedures in recent years. Jewelry stores and restaurants especially, when it comes to the earnings of servers, as a lot of them in the past never reported their tips, are audited a lot. This could very well be the next industry that Revenue Canada decides they want to target, if the dollars are big enough and they think it is justified. The reality is that the chances of facing an audit might be slim now, but the possibility is there. With seven years to revisit your income tax filing, that chance is greatly compounded.<br /><br /> Although Mr. Cestnick provides a compelling argument, it is not the only opinion out there. l also contacted a much—respected local tax attorney. The attorney was of the ideology that an argument could be made in court saying poker winnings should be considered a windfall and therefore not taxable. What l think is essential for all of us to do is to consult with a chartered accountant (CA). Be prepared to visit more than one CA to find a like-minded professional. You will want someone to defend your position, should it need defending. Make sure the CA can clearly explain the consequences of your actions and will put their name to your income tax submission.<br /><br /> Keep in mind Revenue Canada has seven years to audit you. The last thing anyone would want to face is an audit you are ill prepared for. Next months topic will be structuring your poker business, how to account for expenses and what deductions can be claimed.<br /><br /> Tim Cestnick holds the following designations: CA, CPA, CFR and TEP. I extend my utmost appreciation and respect for Tim's time and wealth of knowledge. More information on Tim is at <a rel="nofollow" target="_blank" href="http://www.timcestnick.com">http://www.timcestnick.com</a>. Paul Randall works as an associate from the Cambridge head office of Daniel P. Reeve and Associates Inc.—a full service financial firm found at <a rel="nofollow" target="_blank" href="http://www.millionaireinyou.com">http://www.millionaireinyou.com</a>.</p>

How to Treat Poker as a Business Part 2: Expenses & Deductions

Saturday, April 1, 2006, Paul Randall

In the first installment of this series, we looked at the convoluted issue of taxation and poker winnings. This article l will take you through structuring your poker playing as an active business. Regardless of your stance on the issue of ...Read more...

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*Text		<p>In the first installment of this series, we looked at the convoluted issue of taxation and poker winnings. This article l will take you through structuring your poker playing as an active business. Regardless of your stance on the issue of taxation, the fact of the matter is you could very well be audited and you will want to be prepared with records of your business activities. Keep in mind that the CRA has seven years to go back and audit your tax filing. If you plan to claim your winnings as income then this article should give you an idea of how to keep accurate records of income expenses and give you an idea of what you will be able to claim as deductions. For the purposes of this article, l am going to assume that we will want to make the business recording as simple as possible. The first step to take is to find a good accountant. You have three options here; CMA, CGA, or CA.<br /><br /> Please don't cheap out and hire a bookkeeper, you get what you pay for here. Bookkeepers have their place and may be a necessary addition in the future, however, for today, a licensed accountant is the way to go. A good accountant will be invaluable and give you all the help and assistance you need for record keeping and income tax reporting.<br /><br /> The most basic and essential aspects of running any business and poker not being the exception is to keep records of all income and expenses. You must keep clear, accurate, consistent and thorough records. You may choose to use paper-based ledgers or a computer spreadsheet such as Microsoft Excel; either way make sure you log every session and every expense you incur in the operation of your business. l have found it immensely helpful to have a separate bank account for my bankroll as well as a separate credit card on which I only charge business expenses such as gas, food and accommodations,<br /><br /> You should be keeping all related receipts but having a credit card used exclusively for business helps keep track of expenses should you lose or misplace some receipts. Once again, your accountant will be able to guide you through how to keep accurate records. There are vast differences in what expenses are directly related to you business when it comes to online play versus live play. I will go through live play deductions first as they are more obvious. Any travel expenses to and from a casino trip can be claimed; it is a good idea if you wish to write off travel expenses that you log the miles of each trip, make sure you keep any gas and coffee pit stop receipts as well. I keep a logbook in my car and an envelope for receipts, any food, drinks (alcohol will not be accepted) and accommodation expenses will be deductible. Make sure in your session log you record the date, location and time you started and finished. Obviously how much you sat with and what you cashed out at will be recorded.<br /><br /> Online play opens the door for many interesting deductions. Let me start with the obvious ones. Any internet expenses will be deductible based on the percentage used for personal use versus use for poker playing. Any fees incurred on transferring money to your online account (Neteller fees for example) will be considered a business expense. Using a depreciation method your computer equipment will be an allowable expense (capital goods are depreciated over time with the lost value in a given year being the amount you will claim.)<br /><br /> Do not worry about this formula, as your accountant will know it cold. Where things get interesting is if you have a dedicated space or home office used for playing online then you might be able to write of a percentage of your household expenses. The amount you can write off is the percentage of space used for your business in relation to the total size of your home. For example it you have a thousand square foot home and have a twenty square foot office where your online set up is, you in theory can claim two percent of your household expenses. These expenses include your rent or interest on your mortgage and property tax, heat, hydro and minor repairs. The accountant l spoke with was clear in that you must be able to show that this area of your home is strictly used for your poker playing. If you are like me and use, a laptop while sitting on your couch you may be out of luck on this one.<br /><br /> Other expenses worth mentioning are any research or reference material you purchase, so books, DVDs and even your subscription to Canadian Poker Player magazine are write-offs.<br /><br /> Any professional fess such as your accountant, lawyer and any poker seminars you may attend will be direct business expenses. Poker is a fantastic game that can provide you with a life—long learning opportunity. Even if you are a recreational player, keeping on top of the business end is a sure way to keep you in the game for a very long time with minimizing the amount you need to deposit in your bankroll, in my opinion. Not only will accurate records give you a benchmark to gauge your development, this practice will ensure that should you need to file your income to the CRA you are paying the least amount of tax possible.<br /><br /> Being as poker is a cash game and winning the game entails building your bankroll, it is foolish to ignore the business side of the game, it will take a little time to make this a habit but once you get a system it is not to overwhelming in the least. Next article we will look at when incorporation makes sense and how to go about incorporating your poker business.<br /><br /> Paul Randall works as an associate from the Cambridge head office of Daniel P. Reeve and Associates Inc. —a full service financial firm found at <a rel="nofollow" target="_blank" href="http://www.millionaireinyou.com">http://www.millionaireinyou.com</a>. Paul can be reached at paul@dprfinanciaI.com</p>